Ascend Wellness Holdings, Inc.

Company role

• Vertically integrated multi-state cannabis operator focused on adult-use or near-term adult-use markets in limited-license states.
• Core business: cultivation, manufacturing, and distribution of cannabis consumer packaged goods (CPG).
• Sales channels: company-owned retail stores, retail partner locations, and third-party licensed retail locations.

Footprint and scale (as of late 2025 / early 2026)

• Employees: approximately 2,300 across cultivation, processing, retail, and corporate functions (figures for Dec 31, 2025 and Mar 1, 2026 are consistent near 2,300).
• Dispensaries:
  • Total open and operating dispensaries: 47 (includes 9 retail partner locations; the balance are company-owned).
  • Owned locations: 38 across seven states.
• States with operations: Illinois, Maryland, Massachusetts, Michigan, New Jersey, Ohio, Pennsylvania.
• Cultivation canopy (total): 258,000 sq ft
  • Illinois: 110,000 sq ft
  • Michigan: 30,000 sq ft
  • Massachusetts: 70,000 sq ft (plus ~19,000 sq ft added to Amesbury facility)
  • New Jersey: 40,000 sq ft
  • Ohio: 2,000 sq ft
  • Pennsylvania: 6,000 sq ft
• Expansion footprint:
  • 55,000 sq ft greenhouse in Illinois (planted Jan 2022); 2025 portfolio greenhouse energy usage ~41% less per sq ft vs. portfolio average.
• Products sold in 2025: approximately 225,000 pounds (gross) of wholesale product.

Products and brands

• In-house brands: Ozone, Simply Herb, High Wired, Honor Roll, Royale, Effin’.
• Partner brands cultivated/sold by AWH: Miss Grass, Lowell Smokes, 1906, Black Buddha, Curio Wellness.
• Brand strategy: target roughly 50% in-house or partner-branded products to balance vertical margins with consumer choice.
• Product forms: flower, pre-rolls, infused pre-rolls, concentrates, vapes, edibles, tablets, and various SKUs across categories.

Operations and capabilities

• Cultivation: scalable indoor facilities with a greenhouse in Illinois; ongoing enhancements to genetics, environmental controls, and automation to raise yields and reduce cost per gram.
• Manufacturing: standardized QA, increased capacity and efficiency; upgrades to hydrocarbon and ethanol extraction; investments in packaging, cartridge filling, and automated pre-rolling.
• Wholesale distribution: category expansion across flower, pre-rolls, vapes, edibles, and infused products; wholesale to company stores, partner locations, and third-party retailers.
• Retail:
  • Company-owned flagship stores in marquee locations with emphasis on high-traffic corridors.
  • Omni-channel capabilities: Ascenders Club loyalty program, redesigned Ascend Dispensary App, online ordering with reserve-online-pickup, delivery programs (multiple states), curbside pickup, online consultations, real-time chat.
  • Focus on high-volume performance with enhanced POS, store layouts, and menu management.

State licenses and regulatory posture

• Holds licenses across seven states (as of Dec 31, 2025): adult-use, medical, cultivation, processing, transporter, and retail; many licenses are subject to renewal or regulatory approval.
• Open dispensaries by state (approximate as of 12/31/2025):
  • Illinois: 10
  • Maryland: 4
  • Massachusetts: 3
  • Michigan: 8
  • New Jersey: 3
  • Ohio: 5 (with 2 additional under development; some licenses under agreement to be acquired)
  • Pennsylvania: 5
• Total open dispensaries: 38 owned; 9 partner locations (47 total operating sites).
• Ohio and New Jersey include licenses under renewal or under agreement to be acquired; final issuance subject to regulatory approval.

Financial and corporate snapshot

• Diluted shares outstanding: approximately 206.5 million as of Dec 31, 2025.
• Capital structure and fundraising:
  • IPO completed May 4, 2021; after over-allotment and conversions, proceeds totaled about $86.1 million (net).
  • 2024 senior secured notes: $235 million issued; proceeds used to prepay portions of prior debt; additional issuances in 2025.
  • Shelf registration effective Jan 22, 2026: base shelf prospectus to offer up to $100 million of securities over three years (S-3 and Canadian MJDS counterpart).

Growth strategy and recent developments

• Growth drivers:
  • Vertical integration and scale in limited-license markets (six of seven states currently vertically integrated; plan to expand footprint where feasible).
  • Flagship retail locations in marquee markets.
  • Disciplined capital allocation and M&A to scale in regulated markets.
  • Expansion of cultivation, processing, and packaging capabilities.
  • Partnership-driven expansion with social equity license holders where permitted.
• 2025 highlights:
  • Launched two new brands (High Wired and Honor Roll) and new effects-centric edibles via Effin’.
  • Introduced over 550 new SKUs across the portfolio.
  • Expanded omni-channel capabilities including Ascenders Club, redesigned app, and online/curbside/delivery options.
  • 47 total dispensaries in operation (including 9 partner locations) across seven states.
• Future store growth:
  • Fully financed plan targeting a total of 60 retail locations (including retail partner locations) in the medium term.

ESG and governance

• Environmental: packaging with ~60% recycled/biodegradable materials; water-use optimization via precision drip irrigation; LED-based energy efficiency; greenhouse operations with material energy reductions; waste reduction initiatives.
• Social: focus on social equity, expungement outreach, supplier diversity, community partnerships, and grassroots support.
• Governance: independent majority on key committees (Compensation and Governance; Audit); whistleblower policies and public governance disclosures available on the investor site.

Caveats

• Cannabis remains federally illegal in the United States; federal law risks include potential enforcement actions and impacts on financial institutions.
• Licenses and operations are subject to ongoing regulatory approvals, renewals, and changes in state law.

If you’d like, I can reformat this into a one-page executive summary or expand any section (for example, a detailed list of licensed entities by state) using the exact figures above.